Foreclosures Skyrocket in 3Q

Residential properties that are in some state of foreclosure rose 30% in the third quarter and doubled on a year-over-year basis, to 446,726 units, according to new figures released by RealtyTrac, Irvine, Calif.Nevada had the highest foreclosure rate in the nation, with one filing for every 61 households, according to RealtyTrac, a mortgage information company. After Nevada, California (one for every 88 households) and Florida (one for every 95) had the highest incidence of foreclosures. California, though, saw its foreclosure filings quadruple to 148,147 incidences from those of a year earlier. Other states ranking among the top 10 in foreclosures include Michigan, Ohio, Colorado, Arizona, Georgia, Indiana, and Texas. RealtyTrac can be found online at http://www.realtytrac.com.

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